- Ray Dalio, the founder of the hedge fund Bridgewater Associates, has launched a free app based on his best-selling 2017 book, Principles.
- The app is part career adviser, part life guru â€” with a dash of Bridgewater cheerleading.
- Besides having a copy of the book, the app comes with extra features like self-assessment quizzes, a folder to save your favorite Dalio principles, and animated cartoons.
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Ray Dalio manages the most successful hedge fund on the planet â€” and he can now be your personal life coach.
Principles in Action is a free app designed around the billionaires 2017 book, Principles, which has sold over 2 million copies worldwide. The app not only has a full copy of the book but is peppered with videos, koan-like career advice, and general pearls of wisdom collected from the writings of the Bridgewater Associates chief.
Dalio founded Bridgewater Associates in 1975 out of his Connecticut home. Since then, its become the worlds most successful hedge fund, with $150 billion in total assets under management.
One of Dalios core principles is radical transparency, or total openness, within his company. This gave him the idea for his first app, Dots, which let employees rate each other during meetings on a scale of 1 to 10.
Theres no live monitoring going on in Principles in Action, but it does offer the chance to step inside the mind of Dalio through his books, meetings, and speeches. We took a look at the app and highlighted some of its more interesting features.
Principles in Action opens to a homepage with two books.
In addition to all 898 pages of Principles, youll find several other features on the apps homepage.
Theres a Coach section to guide you through career challenges thats a kind of FAQ for Dalios principles. A Case Studies section helps you assess your personality strengths and weaknesses and how they affect your work life. Theres also a My Principles section where you can save the best of Dalios advice while adding a few principles of your own.
The books pages now include videos of Bridgewater meetings.
Scrolling through Principles, youll find short videos peppering the text that give a behind-the-scenes glimpse of life at Bridgewaters secretive headquarters.
On page 171, for example, theres a video of a Bridgewater meeting from January 2011 in which staff members discuss the companys Pure Alpha Major Markets program. Dalio listens while others praise what Bridgewater has accomplished. At the end, he offers his advice: We could all be here celebrating, but I think we should be here worrying.
This brings up one of Dalios principles, ring the bell, a term he uses to celebrate when a team has achieved its goals. However, he adds another core principle: Dont mistake the trappings of success for success itself.
The app lets users see Dalios personal side.
In addition to Bridgewater meetings, youll get to see the annual family reunion (page 248) for employees who have been with the company for at least 10 years.
For Dalio, this is an emotional occasion. He says in the video: I didnt behave any different to the people I work with than with my kids.
You can save your favorite principles while youre reading and return to them later.
Dalio has a lot of core principles in his book, and the app lets you type in keywords to find ones pertinent to any situation. You can then save your favorites for later use.
The Coach section lets you search through possible solutions to life problems.
You can find solutions to decision-making problems, management issues, and general life woes in the apps Coach section.
You can scroll through a series of topics like Values and Principles Fundamentals or Mistakes, Weaknesses, and Feedback. Youll get a few principles to help answer your questions.
The app dishes out bite-size versions of Dalios most important mantras. They read like excerpts from The Art of War, except your enemies arent marauding hordes â€” theyre your own failings.
The Case Studies section is a little more like an online class.
The most interactive section, Case Studies, offers over six hours worth of self-assessment quizzes and videos of Bridgewater workers discussing how they employ Dalios principles.
You can get to know yourself in the How are you wired? case study. Through a series of questions based on my left and right brain, or whether Im more logical or emotional, I found that Im more of a right-brained (emotional) person.
You can also work through more pressing issues with the I constantly fail case study. I found that I fear failure just as much as I fear not succeeding (or, as the app puts it, not achieving my dreams).
A 30-minute cartoon summarizing Dalios book is also included, and its like a cuter version of a TED Talk.
The eight-part mini cartoon series based on Principles animates some key moments from the book. It felt like watching a Nickelodeon animated show, except the plot was about how to be successful in business and possibly become a billionaire.
The 30-minute series, first released in 2018, outlines some of Dalios principles in a quick, digestible manner. The entertaining (but perhaps not fully essential) format is aimed at recent college graduates who may not know where to take their career.
An animated video called How the Economic Machine Works is there too.
If you look around the Economic & Investment Studies folder in the Books section, youll find Dalios 2013 cartoon called How the Economic Machine Works.
The 30-minute video outlines the basics of economics, from supply and demand up to how nations manage debt. This animation, like the Principles animated series, is charming.
One of the highlights was learning that the total amount of credit in the United States is about $50 trillion while the total amount of money is only $3 trillion.
Dalio teases his next book, Economic & Investment Principles, on the app.
In the same section, Economic & Investment Studies, youll find an introduction that mentions Dalios new book, which he expects to release sometime soon.
This section also contains Dalios latest released book, Principles for Navigating Big Debt Crises, and a few other papers, meaning this app is a good hub for Dalios most essential writings.